With legal cannabis now part of the landscape in North America, companies dealing in the herb are obtaining more of the spotlight.
The latest of there is Kirkland, Washington-based GrowLife Inc. (OTC:PHOT), one of the nation’s leading plant cultivation and cannabis/hemp cloning solution providers. The appropriately-named company announced today it’s entered into a definitive equity financing agreement of $2.5 million, making it easier to add CBD-rich hemp clones sales to its current service offering by next year.
CEO Marco Hegyi remarked in Thursday’s news release, “With the federal legalization of hemp and nationwide demand for CBD increasing, the need for high yield, CBD-rich hemp has never been greater and we have an unprecedented opportunity to supply these farmers with the clones they need to start their plants through EZ-CLONE.
“We are working with the best hemp geneticists and large-scale propagation partners to deliver the highest-quality CBD-rich hemp clones to farmers on a nationwide scale in 2020.”
Hemp-derived CBD products are one of the fastest growing consumer segments in the world, with researchers estimating the market for CBD in the U.S. alone could be worth almost $24 billion by 2023
PHOT shares sprouted 6% to 53-100ths of a cent, on volume of 3.8 million shares.